Move down from 7c to 4c, has found resistance at 5.2c and is VERY LIKELY to test 4c.
A) It may base out here for a while and continue ranging (4c-5.2c range), so a good entry would be around 4c.
B) However, this may form a bear flag/consolidation, getting ready to break to the downside.
If this happens, the next support levels for a possible bounce where you could buy would be 3.5c and 3c.
Conclusion:
Just up to you to decide how urgent (before QTR report?) is it for you to accumulate more and where you think it'll go based on your report findings.
If I definitely wanted to accumulate more, then I'd ration my spare dollars and buy some at each of the three levels (assuming it reaches all three!), and be happy with a decent average price, knowing the fundamentals are solid.
If it bounces and rallies early before 3c is reached, well, it's not that bad being long is it? =P
Also, in general, as average volume dips, I like to look for the volume spikes to get clues of institutional buying/reversal, and time my entry, whether it's at a level or not.
GL!
SMA Price at posting:
4.8¢ Sentiment: None Disclosure: Not Held
